The chairman of the newly unveiled US congressional subcommittee around digital assets aims for progressive crypto regulations. It is believed that the plan wants to guarantee that “America is the place for innovation in fintech and blockchain,” as reported by Cointelegraph.
According to Cointelegraph, Congressman French Hill gave his take on how crypto regulations should be drafted in the country. On January 12, 2023, Hill chaired the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, with the aim of “identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.”
On the basis of information by Cointelegraph, Hill expressed how Bitcoin can’t still be included in the real-time payments industry. Furthermore, Hill said that “we want to make sure that America is the place for innovation in fintech and blockchain is part of that future,” and also on the subcommittee’s intention for a Bitcoin exchange-traded fund (ETF). It is believed that SEC has declined applications for a spot Bitcoin ETF. Reportedly, other sectors of the subcommittee’s focus would include federal privacy law, a stablecoin bill and ramifications for the securities industry. “All of that is on the table and all of that is going to be a priority this year,” Hill mentioned.
Moreover, Cointelegraph noted that Hill made the implication that Securities and Exchange Commission (SEC) has been avoiding it, stating that “as long as Gary Gensler is there, do you see any progress being made?”
“So we’ll invite him up to Congress to tell us what he knows, what he recommends in this area, and what he was doing last year when we had so many challenges for our investors and consumers,” Hill said on Gensler.
(With insights from Cointelegraph)